Electric truck manufacturer Harbinger announced that it has raised $240 million in a Series D funding round, with proceeds from the financing to be used to drive the expansion of the company’s electrification platform across a range of verticals including energy storage, power generation and defense.
Founded in 2021, California-based Harbinger develops advanced electrification technologies, including, with an initial focus on chassis for electric medium duty commercial and specialty vehicles.
Harbinger said that its approach of engineering systems from first principles rather than optimizing existing products, which allows the company to control product development, performance and cost, is now being applied across industries, with the new capital aimed at driving its growth across mobility, defense and autonomy software, in addition to supporting the ramp-up of its medium-duty platform manufacturing capacity.
John Harris, Co-Founder and CEO of Harbinger, said:
“By rethinking critical systems from first principles, we aim to unlock better performance, greater reliability, safer operations, and more room to grow. Electrification is at the core of everything we do, and increasingly, electrification is at the core of industry, defense, mobility, and AI.”
The funding round was co-led by Tiger Global, Capricorn’s Technology Impact Fund and Ridgeline, and included participation from Fidelity Management & Research Company, Squarepoint Capital and Xantium, returning investors Maniv and Greycroft, Australian Gulf Capital, PanaceaVC, ArcTern Ventures, and Leitmotif, and strategic investors FedEx and THOR Industries in mobility, and BuildGroup in data centers. Harbinger recently announced a $300 million electric truck order from FedEx, and that FedEx Senior Vice President of Safety and Transportation Paul Melander has joined its Board of Directors.
Griffin Schroeder, Partner at Tiger Global, said:
“Harbinger excels at electrification, and electrification has become one of the most pressing bottlenecks of the AI era. We led this financing because we see tremendous value in bringing Harbinger’s technical expertise and manufacturing capabilities to new markets.”
